Following rumors that the U.S. government is investigating Tether, the prices of #USDT and #USDC, which had previously been below $1, have now exceeded $1.
USDT, a leading stablecoin (a cryptocurrency pegged to a traditional currency like the U.S. dollar for stability), had been trading at a higher value than USDC, the second-largest stablecoin by market cap, issued by Circle. However, due to last night’s turmoil, their prices have now flipped.
#BTC #Bitcoin
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Last night, news broke that the U.S. government is investigating Tether, the company that issues #USDT, causing some turbulence in the crypto market. So, let’s take a moment to summarize what USDT is and its current status.
USDT is the third-largest cryptocurrency by market cap, after #Bitcoin ($1.7 trillion) and #Ethereum ($290 billion), with a market cap of $120 billion. It’s issued by Tether based on U.S. dollar reserves.
Although Tether’s website does not provide a head office location, according to Wikipedia, the company is registered in the British Virgin Islands. Similar to the world’s largest crypto exchange, Binance, Tether may be intentionally avoiding declaring its headquarters location, saying it operates ‘on the internet’ to steer clear of U.S. regulations.
USDT is widely used on many blockchains like Ethereum, and it's practically the most commonly used cryptocurrency for international settlements. Bitcoin trades with USDT surpass Bitcoin-USD trades in volume.
Even with news circulating about BRICS countries potentially launching a new international currency, people in those countries still prefer the U.S. dollar. That’s one reason why USDT is widely used for settlements outside the U.S.
Among the different types of USDT, the one circulating on the #Tron blockchain is particularly popular. Tron was founded by Justin Sun (孙宇晨) from China, and its recent quarterly protocol revenue (blockchain usage fees) reached a record $150 million.
Lately, some U.S. crypto exchanges have delisted USDT, citing that it isn’t approved for use in the U.S.
Given these facts, along with the geopolitical developments like the BRICS meetings and the news of Iran’s attack on Israel last night, it’s no surprise that USDT’s price reacted sharply.
As Tether strongly rebuts in the reposted tweet, they claim the rumors are baseless.
That said, when such rumors surface, especially when they might not be entirely unfounded, it’s hard to justify holding assets in USDT.
This is where #Bitcoin stands strong, as it’s free from these concerns!
https://tether.io/news/tether-slams-wsjs-irresponsible-reporting-stands-by-strong-law-enforcement-track-record/
Hello!
The crypto market is quite turbulent today, but #Bitcoin has the smallest drop among the major cryptocurrencies!
As a miner, I actually feel more at ease with this level of decline. Now, if only the hash rate could settle down a bit more.
#BTC
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GM! Bitcoin’s price is on the rise again today! And the hash rate has dipped a bit too! "I'm feeling good about it!
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Good afternoon! Bitcoin’s price is taking a break, and it feels more calming this way. I just wish the hash rate would settle down a bit too.
#BTC #Bitcoin #BTCUSD #BTCUSDT #hashrate
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For those unfamiliar with It’s Tough Being a Man (Otoko wa Tsurai yo), this Japanese movie series holds the Guinness World Record for the longest-running film series starring a single actor 😅
https://t.co/lFa4jIMLJD
Good afternoon! Today, mining difficulty hit an all-time high of 95.67T 🥲. That’s nearly a 4% increase. It’s tough, but this is exactly the time to invest in ASIC miners!
#BTC #Bitcoin #BTCUSD #BTCUSDT
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Good morning! Bitcoin's price is staying steady today, and I’m a bit relieved to see the hash rate drop a little. The yen rate looks off because yesterday’s data was set too high, so it seems like there's a big drop today. Sorry about that!
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日本円の為替レートデータが何かおかしくなってて日本円建ての値段が爆上げしたこっとになったますが、これは間違いです！すみません！
It looks like there's an issue with the exchange rate data for the Japanese yen, causing the prices in yen to spike dramatically. This is a mistake—apologies for the confusion!
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Morning! Bitcoin price is up again (kinda nervous about it), but the hash rate is way down since yesterday (love to see it)!
おはようございます！ビットコイン価格またまたアップ（ちょっと不安）！ハッシュレートは昨日から大幅減少（うれしい）！
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Good morning! While it seems like Bitcoiners are having a great morning, Bitcoin miners have mixed feelings as the hash rate has surged by double digits.
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GM! Bitcoin has seen a big jump in price over the past 24 hours. They say it's driven by expectations of Chinese government stimulus, but if the stimulus disappoints, we might see a sell-off. We'll keep mining without getting swayed by the ups and downs.
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GM! Here's the latest Bitcoin update. The data compares to six hours ago: The hash rate has dropped significantly, but the price has stayed stable. It's times like this that Bitcoin miners can rest easy and get a good night's sleep.
Date and Time (UTC): 2024-10-13 00:59:03
Date and Time (JST): 2024-10-13 09:59:03
Bitcoin Price: $63,201.31 (-0.09%)
Hash Rate: 622,310.18 EH/s (-1.45%)
Mining Difficulty: 92.05 T (+0.00%)
Date and Time (UTC): 2024-10-13 00:47:34
Date and Time (JST): 2024-10-13 09:47:34
Bitcoin Price: $63,257.60 (+0.08%)
Hash Rate: 631,461.80 EH/s (-1.43%)
Mining Difficulty: 92.05 T (+0.00%)
When you're involved in Bitcoin mining, people often ask, 'So, what exactly is mining?' Here’s how I usually explain it:
'It's kind of like those math problems we did as kids, where you plug in random numbers and solve equations, but way more complex. Computers are solving these difficult calculations to verify that the transactions on the Bitcoin blockchain are legitimate.
A malicious hacker would need a massive amount of computing power to make a fraudulent transaction, and even if they managed to succeed, Bitcoin’s price would crash, so there’s no incentive to cheat.
Basically, computers do the math to secure the Bitcoin network, and miners are rewarded with Bitcoin for their work.'
It’s not east to explain in a few sentences, so for a deeper dive into Bitcoin mining, check out the article on our 來來 Rai Lai website:
https://rai-lai.com/en/blogs/bitcoin-mining/what-is-bitcoin-mining."
nostr:nprofile1qqspgcwxxsu7380904g46jnswca32w32v3pqes6tk5cfz70q5s5llgqpydmhxue69uhkummnw3ez6un9d3shjtnswdnx7atwv3shg6t0dchxjmnxduq3yamnwvaz7tmsw4e8qmr9wpskwtn9wvq3vamnwvaz7tmjv4kxz7fwwpexjmtpdshxuet5ah6pd9 Sorry for the late thank you, but we really appreciate the opportunity to have a booth at your event. Your staff was incredibly helpful, and we apologize if we caused any disruption with the noise. Please keep us in mind for your next event—we’d love to join again!
Best regards,
The 來來 Rai Lai Team
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